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BSA Officer - Manhattan beach, CA

Manhattan Beach, United States

GENERAL SUMMARY:

The position is responsible for the development, implementation, and administration of all aspects of Kinecta’s enterprise Bank Secrecy Act (BSA) Compliance Program. This position monitors the Credit Union’s, and its subsidiaries, compliance with the BSA, USA PATRIOT Act, Anti-Money Laundering (AML), Office of Foreign Assets Control (OFAC) regulations and any applicable state laws.

This position is the main point of content for all regulatory inquiries from FinCEN. It administers the Credit Union’s financial crimes resources to detect potential money laundering, terrorism financing and violations of U.S. economic sanctions. The position will leverage regulatory guidance and industry standard methods to ensure the Credit Union’s compliance efforts are maintained on a daily basis. The position advises the Compliance Officer, Executive Management, Supervisory Committee, and all personnel of emerging compliance issues and guides the Credit Union in the establishment of controls to mitigate those risks. Assists the Compliance Officer in ensuring department activities run smoothly and efficiently by providing leadership, training, and supervision within the department, including support during NCUA examinations. The position performs direct supervisory duties of assigned BSA team staff, coordinates staff for coverage in assigned areas of the department and is required to be fully knowledgeable and skilled in all areas of the Credit Union’s Compliance Management System (CMS).

NATURE AND SCOPE OF POSITION:

The position works with a minimal amount of supervision and direction and is authorized to take reasonable actions necessary to carry out the assigned responsibilities of the position, provided that such action is consistent with cost-effective practices and is consistent with the policy and procedures of Kinecta Federal Credit Union.

SUPERVISORY RESPONSIBILITIES:

The position manages and directs the activities of all BSA personnel within the Compliance Department (e.g., Specialists, Analysts and Managers).

ESSENTIAL DUTIES AND RESPONSIBILITIES:

Oversees Kinecta’s enterprise Bank Secrecy Act (BSA), Anti-Money Laundering (AML) and OFAC program and ensures compliance with all applicable Board policies.
Serves as one of the Compliance Department’s points of contact during annual NCUA Safety & Soundness examinations.
Oversees annual independent audits related to BSA/AML & OFAC.
Coordinates responses to regulatory inquiries from FinCEN and formulates any corrective action needed to ensure deficiencies are addressed.
Makes recommendations to the Compliance Officer and senior management on improving the Credit Union’s CMS, including support of BSA team personnel.
Responsibility for developing Kinecta’s annual BSA/AML & OFAC employee and volunteer training.
Maintains current knowledge of financial crimes trends, best practices and regulatory interpretations related to the BSA, AML and OFAC.
Provides an annual report to the Credit Union’s Supervisory Committee on the state of Kinecta’s BSA/AML & OFAC program.
Provides an annual report to KFMC Board of Directors on the state of KFIS Investment Services’ BSA/AML & OFAC program.
Provides monthly KRIs to senior management and Executive Management Team
Responsible for providing quarterly Call Report BSA data.
Works closely with the Operations Departments and frontline employees to investigate transactions that appear suspicious in nature.
Submits timely Suspicious Activity Reports (SARs) to FinCEN on unusual activity.
Monitors and tracks BSA/AML high-risk customers and accounts for enhanced due diligence (EDD) and ensures effective CIP/CDD collection on all members.
Manages exempt person filings for CTR purposes (if applicable) and maintains the Credit Union’s Negotiable Instrument Log (NIL).
- Carries out required 314(a) screening and voluntary 314(b) information sharing.
- Communicates regulatory changes impacting the business units and advises them accordingly on needed improvements to comply with Credit Union policies, regulatory requirements, and/or potential risks.
- Assisting with expense budgeting for the Credit Union’s annual financial crimes compliance obligations.
- Engages qualified third-party firms to carry out a biennial model review of Kinecta’s designated transaction monitoring system.
- Analyzes, makes adjustments, and documents any needed changes to the Credit Union’s AML detection scenarios based on members’ transactional activity and key risk indicators on exposure to financial crimes risk.
- Performs research in response to business unit inquiries, regulatory changes, or enterprise projects.
- Continually monitors Kinecta’s compliance with laws, rules and regulations and engages the IT Department for any needed system changes to remain compliant.
- Works with the Risk Department to ensure that an annual Risk Assessment on Kinecta’s BSA/AML & OFAC program is performed.
- Develops and maintains the BSA team’s procedures needed to comply with all rules, regulations, and laws.

KNOWLEDGE, SKILLS, AND ABILITIES:

Thorough knowledge and understanding of compliance and regulatory requirements applicable to BSA/AML and OFAC.
- Ability to cope with rapidly changing regulatory environment on a federal and state level.
- Excellent oral and written communication and interpersonal skills with the ability to develop working relations with the business units supported.
- Self-sufficiency in approach to work and excellent prioritization and planning skills.
- Ability to manage complex assignments independently while also working effectively as part of the team.
- Experience in researching, analyzing, and briefing on complex rules, regulations, and changes.
- Attention to detail and exercising professional decorum when interacting with all employees.

Education, Training and Experience:

Potential candidates for this position must meet the following requirements:

Minimum of (10) years of BSA compliance responsibilities, preferably for a federally chartered financial institution (bank, broker-dealer, or credit union).
Minimum of seven (7) years management experience, at least five of which managing BSA/AML activities and supervising employees at regulated a financial institution.
CAMS, CFCS, CFE, NCBSO, or BSACS certification.
Bachelor’s degree in finance/business, Social Science, Statistics, Criminology, Legal Studies, or related field.

Experience as outlined may be substituted for education on a year-for-year basis.

Employee must adhere to all compliance regulations in the strictest manner during the performance of their job duties.

WORKING CONDITIONS:

The working environment is generally favorable. Lighting and temperature are adequate, and there are no hazardous or unpleasant conditions caused by noise, dust, etc.
The job may require flexibility with regards to scheduling days, hours, and work location, depending on business needs.
The job is typically sedentary but may require standing and walking up to 35% of the work time to transfer files, ask questions, and related activities.
Required to travel to work sites or other sites for events.

PHYSICAL ABILITIES, MENTAL DEMANDS, AND WORK ENVIRONMENT

Individual should be able to exercise sound judgment, be able to plan, be well organized, have excellent oral and written communications skills, work well under pressure, take the initiative, and be flexible and cooperative. The individual should also be accurate, timely, and respect confidentiality concerning employee information and company records.

While performing the job duties of this position, the employee is regularly required to sit; talk or hear in person and by telephone; use hands to operate standard office equipment; reach with hands and arms; lift minimum 10 lbs.

The employee is frequently required to walk and stand. Specific vision abilities required by this job include close vision and the ability to adjust focus to read and operate office equipment as necessary during the course of the work assignments.

The employee works under typical office conditions and noise levels.

Disclaimer:

The above information on this description has been designed to indicate the general nature and level of work performed by employees within this classification. It is not designed to contain or be interpreted as a comprehensive inventory of all duties, responsibilities, and qualifications required of employees assigned to this job.

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